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Former Goldman Sachs Group Inc director Rajat Gupta is expected to begin his two-year prison term on June 17 for insider trading. U.S. District Judge Jed Rakoff in Manhattan directed Gupta to surrender by 2:00 p.m. EDT (1900 BST) on that date to start serving his sentence at an institution chosen by the Federal Bureau of Prisons, according to an order issued on Thursday. Gupta, 65, was convicted in June 2012 on securities fraud and conspiracy charges for having fed tips, from Goldman board meetings in the second half of 2008, to long-time friend Raj Rajaratnam, founder of the Galleon Group hedge fund firm. A spokeswoman for U.S. Attorney Preet Bharara in Manhattan had no immediate comment.
Le premier trimestre de l'année 2014 a permis aux fils et filles du Nord-Kivu d'avoir l'espoir d'un avenir radieux, selon Julien Paluku
By David Milliken LONDON (Reuters) - Bond purchases by the U.S. Federal Reserve have been twice as effective at boosting economic output as those by the Bank of England, research by a Bank policymaker showed on Thursday. The findings are likely to be of interest to the European Central Bank, which is weighing whether to start an asset purchase programme in the euro zone to ward off the threat of deflation. Martin Weale, who sits on the BoE's rate-setting committee, looked at growth and inflation data from March 2009 to May 2013 to assess the impact of bond purchases by the Bank and the Fed. Fed purchases of bonds equivalent to 1 percent of gross domestic product raised U.S. GDP by 0.36 percent, while Bank purchases on the same scale raised gross domestic product by only 0.18 percent, Weale said. The findings also suggest Bank asset purchases were slightly more effective than estimated in a Bank paper in 2011.
By Foo Yun Chee BRUSSELS (Reuters) - European lawmakers on Thursday eased the way for cartel victims to claim compensation from companies under new rules that also shield price-fixing whistleblowers from being the main target of million-euro lawsuits. The green light from the European Parliament came nine years after the European Commission broached the idea, seeing it as an additional tool, on top of fines, to deter companies from breaking antitrust laws. According to the Commission, only one in four cartels and antitrust infringements faced damages claims in the last seven years. The rules, drafted by the EU competition authority, need the blessing of the 28 European Union countries before they can come into force.
Green Party MP Caroline Lucas has been cleared of public order offences after taking part in anti-fracking protests. Ms Lucas was arrested after refusing to move from outside Cuadrilla's exploratory oil drilling site in Balcombe, West Sussex in August. However, Brighton Magistrates cleared the party's only MP of two charges, obstructing a public highway and breaching the Public Order Act.
By Sarah O'Connor DUBLIN (Reuters) - A Dublin court found two former executives of the collapsed Anglo Irish Bank guilty on Thursday of illegal lending and providing unlawful assistance to investors during the "Celtic Tiger" boom of the past decade. Willie McAteer and Pat Whelan were judged guilty on 10 counts of illegal loans to clients known as the "Maple Ten". They were found not guilty on six other charges of illegal loans to the family of businessman Sean Quinn, once Ireland's richest man and now bankrupt. Judge Martin Nolan said that he would consider the arguments for sentencing Whelan and McAteer on April 28 but that he was unlikely to give a decision until later.
By Luke Baker BRUSSELS (Reuters) - At the height of the euro zone debt crisis, with Portugal's economy nearing collapse, the European Commission told the government in Lisbon that it had to slash wages if it was ever going to boost competitiveness and grow again. It is just one of many examples Philippe Legrain, a former adviser to Commission President Jose Manuel Barroso, cites in a new book that argues policymakers misdiagnosed the crisis and ended up prescribing the wrong medicine to resolve it. "That shows in a nutshell how policy was misguided." The worst of Europe's debt crisis may have passed after four years of turmoil. But Legrain's book makes for withering reading, suggesting that by misunderstanding the problem, EU leaders and policymakers are responsible for the record-high unemployment and rock-bottom growth afflicting the union.